The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry..
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Undecylenic Acid Market: Introduction
Undecylenic acid is an organic compound with the chemical formula C4H20O2. Undecylenic acid is an unsaturated fatty acid that belongs to a group of medicines called antifungals. It is used for the treatment of fungal infections of the skin. Undecylenic acid is also used as a preservative in cosmetics. It is produced through the pyrolysis of ricinoleic acid, which is one of the derivatives of castor oil. The methyl ester of ricinoleic acid is hydrolyzed at about 500 – 600 °C in the presence of steam to yield undecylenic acid. On an industrial scale, the undecylenic acid is converted to 11-aminoundecanoic acid which is then utilized as a raw material for Nylon 11). Further, undecylenic acid is reduced to undecylenic aldehyde, which is largely consumed in the perfume industries. Undecylenic acid is approved by food and Drug Administrations (FDA) for topical administration and is also included in the official inactive ingredient database. Other niche applications of undecylenic acid include its application in research as a linking molecule owing to its bifunctional compound nature. Undecylenic acid, owing to its diverse application, is expected to witness robust growth over the forecast period.
Undecylenic Acid Market: Market Dynamics
Increasing scope of application of undecylenic acid within the pharmaceutical and cosmetics & personal care industries coupled with growing consumer awareness and health consciousness will drive the demand in the undecylenic acid market. Increasing disposable income coupled with increase in the affluent middle class population is also expected to add to the demand in the undecylenic acid market. Further, approval of undecylenic acid for medical applications by FDA is likely to favor the growth of the undecylenic acid market in near future.
However, the undecylenic acid market is expected to be affected by growing availability and increasing utilization of alternatives for anti-fungal applications. Some of the alternatives of undecylenic acid include unsaturated fatty acid, monocarboxylic acid or derivatives, aliphatic acyclic compounds, hydrocarbon derivatives and organo-oxygen compounds, among others. The global undecylenic market is characterized by the strong trend of investments in R&D for the development of new products and to ensure cost competitiveness.
Growing demand for perfume across the globe is set to propel the growth of the undecylenic acid market. Undecylenic acid and its derivatives are used as odor modifiers in floral banquets and perfume ingredients. Moreover, the Nylon-11 market is expected to witness moderate growth over forest period, which in turn, is expected to augment the demand for undecylenic market over the forecast period.
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Undecylenic Acid Market: Segmentation
On the basis of application, the global undecylenic acid market can be categorized as:
On the basis of product type, the global undecylenic acid market can be categorized as:
On the basis of form, the global undecylenic acid market can be categorized as:
Undecylenic Acid Market: Regional Outlook
The global cryolite market, by region, is segmented into North America, Latin America, Eastern Europe, Western Europe, South East Asia & Pacific (SEAPAC), China, Japan and MEA. Asia pacific is expected to be the dominant region in the undecylenic acid market and will be by North America and Europe. India, China Japan and ASEAN countries to offer significant growth opportunities in the undecylenic acid market in near future. India is expected to dominate the market in terms of production and will be followed by China. North America and Europe undecylenic acid markets are expected to witness moderate growth in near future. Developing markets, such as Latin America and Middle East and Africa, are expected to witness considerable opportunities for the growth of the market.
Undecylenic Acid Market: Key Participants
Examples of some of the market participants operating in the global undecylenic acid market are:
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.